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Wednesday, January 15, 2025  
14 Rajab 1446  

Petrol prices may rise on January 16 as part of fortnightly revision

How much could petrol, diesel become more expensive?
A worker pumps petrol in vehicles at a fuel station in Rawalpindi on July 16, 2023. AFP/File
A worker pumps petrol in vehicles at a fuel station in Rawalpindi on July 16, 2023. AFP/File

An increase in petroleum prices is anticipated starting January 16 because of rising costs in the global market. Any change in the rates would be applicable for the next 15 days.

The oil industry has submitted a working document to the Oil and Gas Regulatory Authority (OGRA) regarding petroleum products.

According to the report, petrol prices may rise by up to Rs3.5 while diesel could become Rs3.70 more expensive. The light diesel oil might increase by Rs5 and kerosene could see a hike of over Rs6.

The petrol and diesel prices stand at Rs258.66 and Rs258.34 after 56 paise and Rs2.96 increase last as part of the fortnightly revision respectively.

OGRA is set to determine the pricing based on global market trends on January 15. Prime Minister Shahbaz Sharif will give the final approval regarding the price changes.

International oil prices eased on Tuesday but remained near four-month highs as the impact of fresh US sanctions on Russian oil remained the market’s main focus, ahead of US inflation data this week, Reuters reported.

Brent futures slipped 53 cents, or 0.7%, to $80.48 a barrel by 0746 GMT while US West Texas Intermediate crude fell 44 cents, or 0.6% to $78.38 a barrel.

Prices jumped 2% on Monday after the US Treasury Department on Friday imposed sanctions on Gazprom Neft and Surgutneftegas as well as 183 vessels that trade oil as part of Russia’s so-called “shadow fleet” of tankers.

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